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The Real Deficit

Counter-CutWe will be hearing a lot about Federal deficits and national debts within the next few months.  All is not as it looks.  It is actually much worse, as evidenced by this article in USA Today.

Our politicians would have you believe that our deficit this year will be only $1 trillion dollars.  In reality it’s more like $5 trillion, but we can’t count it.

And our politicians will wring their hands over the runaway total federal deficit of only $16 trillion dollars, but in reality the obligations are closer to $160 trillion.  (Nobody knows the true amount for sure, because the Government does not keep track of it.)

Oh, and I just love the last two paragraphs of the article:

Jim Horney, a former Senate budget staff expert now at the liberal Center on Budget and Policy Priorities, says retirement programs should not count as part of the deficit because, unlike a business, Congress can change what it owes by cutting benefits or lifting taxes.

“It’s not easy, but it can be done. Retirement programs are not legal obligations,” he says.

Someone please explain to me how there is no obligation on the part of the Government to pay

A retirement income for which they forcibly deducted my money over 40 years of employment?
For future medical services I am required by law to purchase through the Government?
For other benefits promised to myriad other taxpaying groups based on mandatory tax payments?

 Only in Washington is a promise not a legal obligation.  Only in Washingtonian financial sleight of hand is the vague possibility of more revenue due to undefined tax increases (a debatable relationship at the least) valid justification to ignore a concrete liability.

Could I march down to the bank and obtain a loan based on a declared income of $1,000,000 next year because I’m playing the lottery every day?  Only in Washington…

All is not as it looks!


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